Press "Enter" to skip to content

Business Highlights

This post was originally published on this site


Oil prices jump as attack on Saudi plant jolts supply

NEW YORK (AP) — Global energy prices spiked Monday by 14% after a weekend attack on key oil facilities in Saudi Arabia caused the worst disruption to world supplies on record. The attack on the country’s largest oil processing plant halted more than half of its daily exports, resulting in the loss of 5% of world crude oil output.


Auto strike idles more than 50 GM factories and warehouses

DETROIT (AP) — More than 50 General Motors factories and parts warehouses are at a standstill after members of the United Auto Workers went on strike against the nation’s No. 1 automaker. Over 49,000 workers left factories and formed picket lines shortly after midnight in the dispute over a new four-year contract. The union’s top negotiator says in a letter to the company that the strike could have been averted had the company made its latest offer sooner. Talks resumed Monday in Detroit.


Noise but no breakthrough as Johnson, Juncker talk Brexit

LUXEMBOURG (AP) — Boris Johnson has been booed by protesters and berated by Luxembourg’s leader on a visit to the tiny nation for his first face-to-face talks with European Union chief Jean-Claude Juncker about securing an elusive Brexit deal. On a day of chaos and conflicting signals, Johnson pulled out of a news conference because of noisy anti-Brexit demonstrators, but insisted there was a good chance of securing a divorce agreement before Britain is due to leave the 28-nation bloc in just over six weeks.


Yada yada yada: Netflix to air ‘Seinfeld’ starting in 2021

LOS GATOS, Calif. (AP) — Netflix says it will start streaming all 180 episodes of “Seinfeld” in 2021, gaining a hugely popular addition to its library as the battle for viewers heats up. Netflix Inc. struck the deal with Sony Pictures Television for the global streaming rights to the Emmy-winning television comedy, which aired its final episode in 1998. Terms were not released.


Demand drives CBD sales, attracts people who spike products

Some vapes marketed as helping a range of ailments thanks to the cannabis extract CBD have instead sent dozens of people to emergency rooms because they were spiked with synthetic marijuana. Even as CBD goes mainstream and the industry sees explosive growth, it remains largely unregulated. An Associated Press investigation shows how that has attracted some operators willing to substitute cheap and dangerous street drugs for natural ingredients.


Manufacturers, retailers less optimistic, survey says

NEW YORK (AP) — Small manufacturers and retailers are losing confidence in the national economy yet remain upbeat about their own prospects. That’s the finding of a third quarter survey of 1,000 companies released last week by the U.S. Chamber of Commerce and MetLife. Sixty-three percent of manufacturing companies surveyed were optimistic about the economy, down from 69% in a second quarter survey. Fifty-three percent of retailers were optimistic, down from 59%.


With Trump trade war a threat, Fed is set to cut rates again

WASHINGTON (AP) — For a second straight time, the Federal Reserve is set to cut interest rates this week to try to protect the economy from the consequences of a global slowdown and President Donald Trump’s trade war with China. After that, no one — not even the Fed itself — seems sure what it will do. The economic landscape looks too hazy.


German industrial designer Luigi Colani dies at 91

BERLIN (AP) — Luigi Colani, a renowned German industrial designer, has died. He was 91. German news agency dpa has reported that his partner confirmed that Colani died in the southwestern town of Karlsruhe after a severe illness.


SeaWorld CEO resigns after less than a year on the job

ORLANDO, Fla. (AP) — The CEO of SeaWorld Entertainment is stepping down just months into the job. Company officials said Monday that Gustavo “Gus” Antorcha has resigned from his job as the top executive the theme park company as well as his position on the company’s board of directors. In a statement provided by the Orlando, Florida-based company, Antorcha said he still believed in SeaWorld’s mission, even though he may have “a difference of approach.”


US stocks close lower as spike in crude oil rattles market

NEW YORK (AP) — Airlines, cruise lines and other companies in fuel-dependent industries helped pull U.S. stocks broadly lower Monday after an attack on Saudi Arabia’s biggest oil processing facility sent crude prices soaring. The U.S. and international benchmarks for crude each vaulted more than 14%. Shares of oil producers jumped, while prices for Treasurys, gold and other investments seen as less risky rose


The S&P 500 fell 9.43 points, or 0.3%, to 2,997.96. The Dow Jones Industrial Average slid 142.70 points, or 0.5%, to 27,076.82. The Nasdaq lost 23.17 points, or 0.3%, to 8,153.54. The Russell 2000 of small-company stocks rose 6.46 points, or 0.4%, to 1,584.60.

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

California Daily Press © 2019